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COMPANY UPDATE
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2010
Created by BlueMatrix
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a result, investors should be aware that the firm may have a conflict of interest that could affect the
Jason Helfstein objectivity of this report. Investors should consider this report as only a single factor in making their
212-667-6433 investment decision. See "Important Disclosures and Certifications" section at the end of this report for
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to Price Target" sections at the end of this report, where applicable.
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Move, Inc.
Investment Thesis
Move, Inc. operates the dominant US real estate website for existing home sales with 65% of total time spent within the category, as well
as the leading realtor CRM software. With margins at an all-time low and the lag in listings revenue relative to improving real estate
fundamentals, we expect EBITDA growth over the next several years. Longer-term MOVE has the opportunity to leverage the company's
user data to the benefit of its agent and broker customers.
We see MOVE, as a stock trading under $5, as speculative and appropriate for risk-tolerant investors.
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Move, Inc.
Rating and Price Target History for: Move, Inc. (MOVE) as of 04-27-2010
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2008 2009 2010
Created by BlueMatrix
All price targets displayed in the chart above are for a 12- to- 18-month period. Prior to March 30, 2004, Oppenheimer &
Co. Inc. used 6-, 12-, 12- to 18-, and 12- to 24-month price targets and ranges. For more information about target price
histories, please write to Oppenheimer & Co. Inc., 300 Madison Avenue, New York, NY 10017, Attention: Equity Research
Department, Business Manager.
Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months.
Perform (P) - Stock expected to perform in line with the S&P 500 within the next 12-18 months.
Underperform (U) - Stock expected to underperform the S&P 500 within the next 12-18 months.
Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a potential
conflict of interest.
Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008:
Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments,
and/or the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector.
Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market averages due to
a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or will perform less well than
higher rated companies within its peer group. Our readers should be aware that when a rating change occurs to Neutral from Buy,
aggressive trading accounts might decide to liquidate their positions to employ the funds elsewhere.
Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness
perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities within the peer group.
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Move, Inc.
IB Serv/Past 12 Mos.
Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not
correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned
buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform.
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Attention: Equity Research Department, Business Manager.
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Move, Inc.
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